Crocker Partners Sells Regions Plaza, Midtown Atlanta, After Repositioning Adds Value, Takes Asset to More Than 90% Leased

Atlanta, GA. – August 28, 2017 – Crocker Partners announced the sale of Regions Plaza, a Class A, 503,000-square-foot office tower in Midtown, Atlanta’s premiere submarket, to PGIM Real Estate. The sale follows Crocker Partners’ repositioning of the 23-story, LEED Gold trophy tower, taking the asset’s occupancy from 36 to 91 percent since 2013.

Crocker Partners previously owned Regions Plaza and sold the asset in 2005. Following an anchor tenant’s departure, Crocker re-acquired a controlling interest in Regions Plaza, capitalizing on the opportunity to leverage the company’s knowledge of the asset and submarket to solidify the tower’s position as a best-in-class property.  Through aggressive leasing efforts, Crocker Partners leased 275,000 square feet to a diverse roster of tenants including Regions Bank, Holland & Knight, Miller & Martin, SalesLoft, Flextronics, and NewSouth Construction, and created 11 spec suites.

During Crocker Partners’ improvement program, Regions Plaza added new conference facilities, fitness center, staffed concierge, renovated common areas and café, a new FlyWheel Studio and valet parking.

Regions Plaza is well positioned in Midtown, which is drawing attention as Atlanta’s only true 24/7 district with proximity to Georgia Tech and its impressive talent pool.  The building has direct visibility and access to Interstate 75 / 85, the city’s primary north-south highways and public transit access at the Arts Center MARTA station.

Acquired by Crocker Partners at 52% of replacement cost, the asset returned a Gross IRR of 32.6 per cent and a 2.6x multiple for investors.